News – 2012.06.12

Published: June 12, 2012

 

 

SUSRIS Daily News – Excerpts from International Media Reports</strong>
/Provided as a service from the Saudi-US Trade Group, Washington, DC/

 

OPEC Meeting Preview: Five Things You Should Know

The Organization of Petroleum Exporting Countries meeting Thursday comes amid low economic performance around the world and on the heels of high oil prices in the past couple of months sparked by tensions between Iran and Western powers. Recently, Saudi Arabia increased its production to …

Saudi Arabia’s Naimi Says Maybe OPEC Needs Higher Quota

Saudi Arabian Oil Minister Ali al- Naimi said “maybe” there is a need for higher group production from the Organization of Petroleum Exporting Countries. Al-Naimi, who arrived in Vienna yesterday, responded to questions from reporters after the Gulf Oil Review published a report quoting him …

In Major Shift, Saudi Aramco Dabbles in Oil Trading

Saudi Arabia has long been a dominant force in global oil markets, “but has never been an oil trader.” That changed on January 1st, 2012, when Saudi Aramco began operations at Links: 1.http://www.reuters.com/article/2012/05/10/saudi-oil-trading-idUSL5E8GA3CT20120510

Cross-border clout still denied to Islamic banks

Islamic finance is still growing, but a major aspect is missing: the development of big cross-border banks that could spread ground-breaking products and best practice around the region, as multinational banks have done in conventional finance. Saudi Arabia-based Al Rajhi Bank, for example, …

High unemployment among Saudi female university graduates

A study conducted by Booz and Co. for global management and strategy consultation, showed that 78.3% of female university graduates in Saudi Arabia are unemployed as well as over 1,000 Ph.D. holders. According to the report, thousands of women graduate from Saudi universities each year who …

Caffeine Affliction

Saudi Gazette reports that coffee drinkers in Jeddah are up in arms over a sudden SR 2 jump in the price of their cups of coffee. Coffee is, along with tea, practically a requirement in Saudi Arabia. No business gets done, not hospitality is complete without coffee. So, people are wondering, …

UN fears for civilians as Syrian violence worsens

The UN has warned of an alarming escalation in violence in Syria and urged international powers to increase efforts to make its peace plan work. A spokesman for Kofi Annan said the UN special envoy wanted a new conference to be held soon, but accepted the peace plan was the ‘only one on the …

Yemen army, in major victory, retakes two cities

The Yemeni army drove al-Qaeda-linked fighters from two of their main strongholds on Tuesday after weeks of fighting, the Defence Ministry said, a major breakthrough for a U.S.-backed offensive meant to secure stability in the wider oil-rich Gulf region. Jubilant residents took to the …

As Drone Strikes Increase, So Do Concerns Over Their Use

Without question, drones have become the U.S. weapon of choice in the fight against terrorism. Counterterrorism officials say they’ve come to rely on the pilotless aircraft for their surveillance capability and what officials say is precision targeting. That reliance has led to greater use in …

Islamic Corporation launches $600 million Agriculture, Farm Fund

The Islamic Corporation for the Development of the Private Sector, a member of the Jeddah-based Islamic Development Bank group, started a $600 million agriculture and farm fund to promote investments in Muslim countries. The fund is a partnership between the Islamic Cooperation and a management …

SIDF to localize 50% of tech, administrative jobs

The Shoura Council has urged the Ministry of Economy and Planning and the Ministry of Finance to estimate public capital spending and to determine priorities for five years as a reference point for the general budget, Dr. Fahad Al-Hamad, Assistant Speaker of the Shoura, said in a press …

Dubai, Saudi economic zones: A study in contrasts

The Jebel Ali Economic Zone (JAFZA) is a well-established industrial and commercial zone based on an area of 48 sq km around the largest man-made harbor in the world southwest of Dubai. The King Abdullah Economic City (KAEC) is the largest of five mega Saudi projects announced in 2005 and …

Jacobs Receives EPCM Award from Sadara in Saudi Arabia

Jacobs Engineering Group Inc. announced today it has been awarded an In-Kingdom engineering, procurement and construction management contract for three polyethylene trains for Sadara Chemical Company, a joint venture between Saudi Arabian Oil Company and The Dow Chemical Company. Officials …

Fitch Affirms Banque Saudi Fransi at ‘A’

Fitch Ratings has affirmed Banque Saudi Fransi ‘s (BSF) Long-term Issuer Default Rating (IDR) at ‘A’ with a Stable Outlook and Short-term IDR at ‘F1′. The agency has also affirmed BSF’s Viability Rating (VR) at ‘a’. A full list of rating actions is at the end of this release. The affirmation …

Saudi Arabia equestrians have bans reduced by CAS

Two members of Saudi Arabia’s Olympic equestrian team can compete at the London Games after the Court of Arbitration for Sport reduced their bans for breaking anti-doping rules. CAS says Khaled Abdulaziz Al Eid and Abdullah Waleed Sharbatly were guilty of offenses of ‘minor importance’ and …

Police at Paris airport bar 3 Saudi women wearing face veil from entering France, citing ban

A police union says three Saudi women who refused to remove their face veils at Paris’ Charles de Gaulle airport have been barred entry to France. A 2011 French law bans people from wearing Islamic face-covering veils anywhere in public….

Gulf Coast Gains as Motiva Refinery Repairs Said to Take Months

Gulf Coast gasoline strengthened as Motiva Enterprises LLC was said to be shutting a new crude unit for as long as five months at the Port Arthur, Texas, refinery, for repairs. The refinery is assessing damage to the 325,000-barrel-a- day unit, a person with knowledge of operations said. The …

Post-Occupation Iraq Losing Appeal

Companies involved in last week’s auction were forced to consider not only less-than-premium conditions offered by the government, but continued political volatility in a country invaded nearly 10 years ago in part to bring in a favourable, and presumably stable, regime. Included in the May …

Turkey, Saudi Discuss Long-Term Oil Purchase

Turkey has started talks with Saudi Arabia about long-term oil purchases, Turkey’s Energy Minister Taner Yildiz said Tuesday, appearing to mark Ankara’s latest move to reduce its reliance on Iranian oil as regional tensions have seen the neighbors’ policies diverge. ‘We have started spot …

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